First Home Buyers
For settlement dates from 1 July 2011, first home buyers will become eligible for cuts to land transfer duty for purchasing homes worth up to $600,000.
The concession will be introduced in stages as follows:
|
|
1 July 2011 |
1 January 2013 |
1 January 2014 |
1 September 2014 |
|
Land Transfer Duty Cut |
20% |
10% |
10% |
10% |
|
|
|
(30% Cumulative) |
(40% Cumulative) |
(50% Cumulative) |
Extending the First Home Bonus
For the purchase and construction of new homes, the First Home Bonus is being extended until 30 June 2012. First home buyers may be eligible for the Bonus of $13,000 if purchasing or constructing a new home worth up to $600,000 in metropolitan Melbourne, or $19,500 if the home is in regional areas.
The First Home Owner Grant (FHOG) of $7,000 is still available for all eligible first home buyers purchasing a home valued up to $750,000.
The Regional Bonus applies to eligible first new home purchases located in regional Victoria.
Pensioner and Concession Cardholder Concessions
From 1 July 2011, the current pensioner and concession cardholder land transfer duty concession threshold will be extended from $440,000 to $750,000. The concession will also be made available to self-funded retirees who hold a Commonwealth Seniors Health Card.
Eligible pensioners and concession cardholders will continue to receive a full duty exemption for residential properties valued up to $330,000 that are purchased as their principal place of residence.
Individuals holding a Pensioner Concession Card, a Centrelink Health Care Card, or a Department of Veteran Affairs Gold Card are all eligible for the concession, provided the applicant has not previously received it. Eligible pensioners who also qualify for the First Home Bonus can choose to take either the First Home Bonus or the pensioner concession.
Principal place of residence duty concession
First home buyers will continue to be able to receive both the Bonus and the principal place of residence (PPR) concession for land transfer duty on land transfers.
The PPR concession is available to home purchases valued between $130,000 and $550,000.
For further information please contact Janelle Brown.
